One need not look far in history (or, for that matter, in the modern world) to see that judges are not always so perfect. Within our model, there are many small amendments that could be made to insert opportunities for bribery and extortion. Although we do not provide a systematic treatment of these, we shall give a brief development of one of them to emphasize the simple idea that the Law Merchant business is itself valuable and that LMs may wish to maintain their reputation for honesty and diligence in order to keep the business active.

QUESTION: The brief development of one amendment for bribery/extortion isn't shown here — worth chasing to see how corruption enters the model.

PAUL R. MILGRO, PAUL R. MILGRO - THE ROLE O…, loc. 140